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作者：Dambra, Michael; Even-Tov, Omri; Naughton, James P.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of California System; University of California Berkeley; University of Virginia
摘要：We examine whether Governmental Accounting Standards Board (GASB) financial statement disclosure alters local governments' economic decision-making. To do so, we exploit a recent GASB standard that eliminated differences in the disclosure requirements for county governments' pension obligations. The standard, GASB 68, had no effect on pension economics or the annual budget-it affected only whether and how information was presented on GASB financial statements. Using a broad hand-collected data...
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作者：Ma, Mark (Shuai); Thomas, Wayne B.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Oklahoma System; University of Oklahoma - Norman
摘要：Accounting Standards Update No. 2016-02 (ASU 2016-02) generated considerable debate between managers and standard setters. We find evidence that after issuance of ASU 2016-02, lessee firms decreased their use of long-term operating leases, increased their use of short-term operating leases, and increased their use of capital expenditures. The shift from long-term operating leases to capital expenditures is more pronounced for firms that had greater reporting incentives to use operating leases ...
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作者：Binz, Oliver; Ferracuti, Elia; Joos, Peter
作者单位：INSEAD Business School; Duke University
摘要：We examine whether the quality of firms' internal information systems influences the relation between inflation shocks and corporate investment, as posited by imperfect information models. Inconsistent with RBC models' prediction that nominal variables (e.g., inflation) do not affect real variables (e.g., corporate investment) but consistent with the presence of information frictions, we first document a positive relation between inflation shocks and firm-level investment. Next, we show that h...
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作者：Kohlhase, Saskia; Wielhouwer, Jacco L.
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Vrije Universiteit Amsterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We study the roles of the head office (HO) and the business units (BUs) of a multinational corporation (MNC) in reducing income tax and tariff payments through internal transfer prices in international trades. Using confidential transfer price data of a large MNC, we analyze how the different elements of internal transfer prices set by the HO and BUs vary differently from external prices with income tax rates, tariff rates, and the tradeoff between the two. Absent severe agency conflicts, we f...
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作者：Gelsomin, Eric; Hutton, Amy
作者单位：University of Rochester; Boston College
摘要：While Sani, Shroff and White (2023) examine a plausibly exogenous shock to the information acquisition landscape that arguably changes informed traders' incentives to generate private information without the focal firm changing its disclosure policy, the causal chain underlying their analyses shares the implicit assumptions employed in the extant empirical literature that tests the Learning Hypothesis. Thus, the focus of our discussion is to make explicit the implicit assumptions and highlight...
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作者：Gallo, Lindsey A.
作者单位：University of Michigan System; University of Michigan
摘要：Binz, Ferracuti, and Joos (2023) examine whether better internal information systems can mitigate the association between inflation and investment. According to Real Business Cycle models, inflation should not impact real decisions like investment, yet empirically the two are positively related. Lucas (1972) theorizes that imperfect information can cause agents to rationally extrapolate from their local set of information to make conclusions about what is happening in aggregate. Motivated by t...
